Currently it's the "wait and see" period for us. We'll wait till after CNY before we decide what to do next. But for certain suntec will close when contract ends next march (which is also shortly after CNY). That's when the contract of my staff from china (who's allocated in suntec) also ends. So just nice when she goes back suntec contract ends. That will mean another 6 more months of "wait and see" period.
We cannot rely our business on our franchiser for products already. We've losing so much for the past few years instead we're helping them (our principal) to earn more money & help promote their brands in Singapore. Contrary to our business here, business at their side been good. It's been very obvious. Our earlier batch of members have disappeared. Think they have gone to their side to buy instead. Some people who know the brands we carry commented that our prices cost more. But it's just a slight difference to cover up for the GST and transport that we have to pay just to bring the stocks in. Some people understand when we say this to them but others don't. Nothing we can do. Whatsmore, we're NOT the ones who set the price of our products, our principal did. We wanted to change the price, they didn't allow us to. The most we can do is to give discounts. But we can't give a lot. Other shops out there are afford to give a lot of discounts (like 60% or 70%) as their price markup (margin) is high but we can't. Our profit margin is very low. A lot of our current sales items are selling below our cost price. Lose money also have to do so or else how clear them? My house will just pile up with stocks if we don't clear the old stocks and new stocks keep coming in.
A friend (a boss of another shop in queensway) ask me why don't we go make and bring in our own products. Easier said than done! In order to do so, we'll need to bring in stocks in big quantity (like 100pcs of stocks per design). No factory will manufacture for you in small quantity. Now we only have max 3 to 5 pcs of stocks per size that's about 20 plus to 40 plus per design depending on how many colours and size that design have. Our stocks are limited but already we've the problem of stocks getting stuck. In order to clear them we have got to reduce price. What would happen when we have 100s of stocks of just one design. We got to think about this.
Hopefully the new products that we are bringing in from another supplier will sell well. There are a couple of unisex jeans, shirts, shoes and bags. At least this supplier not only allow us to bring in small quantities in stock then replenish when there's a need to, he can customise for us and also allow us to put our own on brand on the products. His jeans and shirts he is selling can be found in other shops in Singapore too (but most of those we bringing in are of different designs from the other shops). As for his shoes and bags, he will only sell it to us. He only wants to work with us for shoes and bags.
This week I'm working almost every weekday coz 2 of my staffs got things to attend to and had to change their off day. One of them changed with another staff & another changed with me. So instead working 2 days a week, I'm working 4 days. That means can't go for cg this week. Monday I was in far east, today in bugis, tomorrow in far east and friday in suntec. Next week I'll only be working 1 day but there will be a new girl so most probably coming down to see how she's doing though I'm not going to personally train her.
Recently a few shops in far east and iluma have closed and shifted out. 77th Street on our level in far east have closed. Not sure if it shifted out or it is closed for renovation. But the signboard is gone. But they still have the other 2 outlets here on level 1 and level 3. The shop beside 77th Street has also closed. In iluma the shop next door has shifted out. Heard from another neighbour that they found someone to take over. Some F&B outlets have also closed and shifted out.
Been spending a lot this month (new laptop, music cds, top up of cashcard etc). Dad's also complaining that my handphone bill is high. =P Must cut down expenditure. Arise and Build coming up end of next month. But my parents doesn't like me "donating to church on instalment basis". Got scolded by them big time when they found out previously (they know how much we have in our bank accounts as they keep our bank passbooks and update them once in a while). They said that if I do so again I can forget about going to church totally. Have promised them that I won't do it again. Think this time I'll only do a one time. Can't break my promise to them right? As pastor preached last weekend, "your word is your bond".
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